Based on macroeconomics, the relationship between unemployment, consumption, and production put the nation’s economy into a downward spiral because unemployment reduces total quantity demand, which reduces consumption level, and affects production, thereby, leading to economic woes.
What is Unemployment?Unemployment is an economic term that is used to describe the total number of people in a specific country or area who cannot get a job.
High unemployment generally causes low purchasing power among the citizens, which leads to a reduction in consumption.
Consumption at the macroeconomic level is a term that is used to describe the use of goods and services by a household. A vital component of the Gross Domestic Product (GDP).
A reduction in consumption affects a nation's GDP poorly.
Production, on the other hand, is a term that is used to describe the total amount of goods and services produced in a specific economy.
When there is lower consumption, there will be no incentive to produce, which will lead to scarcity and inflation, and ultimately lead to the nation’s economy into a downward spiral.
Hence, in this case, it is concluded that unemployment, consumption, and production, all have impacts on Nation's development
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1. which theory of normative business ethics seeks to create value for people in a manner that is just and nondiscriminatory?
Stakeholder theory of normative business ethics seeks to create value for people in a manner that is just and nondiscriminatory.
What is stakeholder theory?Stakeholder Theory is a way of looking at capitalism that emphasizes the connections between a company's clients, partners, workers, investors, communities, and other parties with an interest in the organization. According to the principle, a company should produce value for all stakeholders, not only shareholders.Imagine a car firm that has just gone public to demonstrate how the stakeholder theory works. Given that they have made financial investments in the company, the shareholders naturally want to see their stock prices increase, and the corporation is anxious to win their favour.The "Big Five" stakeholders include clients, staff, vendors, communities, and investors.Three theoretical stances on stakeholder claims have been proposed by Donaldson and Preston: a descriptive stance, an instrumental stance, and a normative stance.Learn more about stakeholder theory refer to :
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consider if this is the best site for comparison based on george's criteria
George Whistleblowing Decision Criteria. Permissive Whistle Blowing per De George criteria The harm that will be done by the product [or company action] to the public is serious and considerable.
What is the most popular way to structure your thoughts while comparing and contrasting things?In order to organize a compare and contrast essay, there are two main methods. Organize the topics themselves, starting with the first. Organize your discussion into distinct points, then talk about each topic in connection to each point.
What does a comparison criterion mean?Risk, cost, benefit, and practicability are examples of comparison criteria that are defined in R18-16-407(H) (3). The meaning of "community involvement area" is the same as that given in A.R.S. 49-281. (3). comparison standards entail.
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with a tariff of $10 a blouse on imported silk blouses from china, the revenue the government would collect from the import of silk blouses from china would be:
$7,000 A number of states have a minimum wage that is higher than the federal minimum.
What happens at the equilibrium price?
When the price balances and the quantity provided and demanded are equal, a market is said to be in equilibrium. Price will be forced lower if there is a surplus when it exceeds the level of equilibrium. When the price balances and the quantity provided and demanded are equal, a market is said to be in equilibrium.
How do you calculate import tariff?
Subtract the worth of the items from the freight, insurance, and any other expenditures, then multiply the result by the duty rate. The duty that must be paid to Customs for your cargo is the outcome.
Hence $7,000 is a correct answer.
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12. what contribution margin per pound of raw material is earned by each of the two products? (round your answers to 2 decimal places.)
The total contribution margin is $3,926,600 with alpha as $149,600 and beta as $3,780,000.
What are limited resources ?If a company manufactures and sells multiple products and has limited manufacturing resources, the contribution margin per margin should be used as a guide to determine the optimal sales/production ratio. The term "limited resource" refers to the limited supply of productive resources in the economy. Labor, capital, land, and entrepreneurial activity that an economy can use to produce are all finite resources. You may have many of these resources, but your inventory is not unlimited.
To solve the question :
The contribution margin/pound of direct materials is
Alpha(α) Beta(β)
Selling price/unit $170 $130
Variable cost/unit:
Direct Material $30 $ 18
Direct Labor 30 25
Variable Manufacturing Overhead 20 15
Variable Selling Expenses 22 18
Variable cost/unit $102 $76
Contribution margin/unit $68 $54
Raw materials pounds/unit 5 3
30 / 6 18 / 6
Contribution margin/pound of raw material $13.60 $18.00
14. The production will be:
Raw materials pounds available 221,000
Satisfy demand for Beta (210,000) 70,000 units x 3 pounds per unit
Pounds remaining 11,000
Use capacity to produce alpha (11,000) 11,000 pounds remaining / 5
pounds/unit = 2,200 units
The maximum contribution margin is:
Alpha(α) Beta(β) Total
Units to be produced 2,200 70,000
Contribution margin/unit $68 $54
Total contribution margin $149,600 $3,780,000 $3,926,600
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The complete question is given below :
Cane Company manufactures two products called Alpha and Beta that sell for $170 and $130, respectively. Each product uses only one type of raw material that costs $6 per pound. The company has the capacity to annually produce 116,000 units of each product. Its average cost per unit for each product at this level of activity are given below:
quality assurance programs have been successful in many manufacturing environments because they increase workers’ autonomy over the work process.T/F
This claim is untrue since employees' lack of authority out over process has resulted in lower success rates.
What does "assurance" mean?A high degree of conviction that something is correct, accurate, and usable is referred to as assurance. After carefully examining the papers and information that were the topic of the auditing or review, professionals certify these positive affirmations.
How do assurance and insurance differ?The process of making up for a loss—such as one brought on by an accidents, fire, theft, flood, etc.—is referred to as insurance. Providing financial assistance for a certain circumstance is called to it as assurance. a serious illness, demise, or impairment, as an illustration.
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An important difference between the situation faced by a profit-maximizing competitive price-searcher firm in the short run and the situation faced by that same firm in the long run is that in the short run, price may exceed marginal revenue, but in the long run, price will equal marginal revenue.
The fact that price may exceed marginal revenue in the short run but will equal marginal revenue in the long run highlights . Hence option A is correct .
What is Marginal Revenue ?The increase in revenue that comes from selling one more unit of output is known as marginal revenue. Although marginal revenue can remain constant at a certain level of output, it will eventually start to decline as the output level rises due to the law of diminishing returns.
A key term in microeconomics, marginal revenue (or marginal benefit) refers to the additional total income produced by increasing product sales by one unit a key distinction between the short-term and long-term challenges encountered by a profit-maximizing competitive price-searcher organization
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which of the following is mandatory for leed certification question 59 options: a) earning at least 50 points b) meeting all prerequisites c) having a leed ap on the project team d) earning all the regional priority credits
From the following, the one which is mandatory for LEED certification is that meeting all prerequisites.
All LEED projects must be constructed and also operated on a permanent location which is on existing land. So, no project that is designed to move at any point in its lifetime may pursue LEED certification. Thus, this requirement tends to apply to all land within the LEED project.
However, meeting all the prerequisites are mandatory for the certain certification. So, the prerequisites are the requirements which are not optional and thus they have to be in place in order to achieve the required certification.
Hence, option B is correct.
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true or false: research shows that every dollar spent on multisystemic family therapy saves taxpayers five dollars.
Research shows that every dollar spent on multisystemic family therapy saves five dollars this statement is true.
What Is a Taxpayer?Any person or company that must pay taxes to the federal, state, or municipal governments is considered a taxpayer. The majority of a government's income comes from taxes, both on citizens and on enterprises.
Who or what is a taxpayer, and why?The word "taxpayer" comes from a period when buildings were built at a low cost in densely inhabited areas so that property owners could reclaim their property taxes.
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at the equilibrium real interest rate in the open-economy macroeconomic model, the amount that people want to save equals the desired quantity of
The factors that influence the supply and demand of money are emphasized in the monetary approach to open-economy macroeconomics.
What is open-economy macroeconomics?The factors that influence the supply and demand of money are emphasized in the monetary approach to open-economy macroeconomics. Fixed and floating exchange rates allow for various analyses of the monetary strategy. The term "monetary approach to balance of payments" refers to the approach when the exchange rate is stable and it applies to the balance of payments. As opposed to this, the Monetary Technique to Exchange Rates is the approach that clarifies exchange rate changes when exchange rates are floating. This chapter covers both strategies in great detail, starting with the fundamental ideas and presumptions and moving on to the models' potential policy ramifications.We also go into great length on sterilized intervention in a floating exchange rate system and sterilized sterilization, which is the offsetting of foreign reserve flows by central banks that desire to pursue an independent monetary policy.To Learn more About open-economy macroeconomics refer to:
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A stamping plant supplies sheet metal parts to a final assembly plant in the automotive industry. The following data are values representative of the parts made at the plant. Annual demand is 150,000 pc (for each part produced). Average cost per piece is $18 and holding cost is 20% of piece cost. Changeover (setup) time for the presses is 5 hr and the cost of downtime on any given press is $200/hr. Determine: (a) the economic batch size and (b) the total annual inventory cost for the data. If the changeover time for the presses could be reduced to 10 min, determine (c) the economic batch size and (d) the total annual inventory cost
a)The economic batch size is 9129pc.
b) The total annual inventory cost for the data. If the changeover time for the presses could be reduced to 10 min is $32863
c) The economic batch size is 1667pc
d) The total annual inventory cost is $5970
What is annual inventory cost ?
The cost of handling, faulty inventory, handling costs, taxes, insurance premiums paid, and the opportunity cost of the money spent in inventory are all included in the yearly inventory cost.
a) D=150000, S=$200/hr*5hr=$1000, H=$18*20%=3.6
EOQ=sqrt(2DS/H)=sqrt(2(150000)(5*200)/(18*.2))=9129pc
b) Q=EOQ=9129
C=(QH/2)+(DS/Q)=((9129/2)*3.6)+((150000/9129)*1000)=$32863
c) new S=$200/hr*(10/60)hr=$33
EOQ=sqrt(2DS/H)=sqrt(2(150000)((10/60)*200)/(18*.2))=1667pc
d) new Q=EOQ=1667
C=(QH/2)+(DS/Q)=(((1667/2)*3.6)+((150000/1667)*33)=$5970
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________ is characterized by a continuous state of excessive, uncontrollable, and pointless worry and apprehension.
fffffAnswer:
f
Explanation:
When donald trump announced the tariffs on imports from china in 2019, china reacted by halting imports of us agricultural goods. This is an example of which concept?.
Answer:
Explanation:
economic nationalism
a business philosophy that suggests that local point of a business strategy must be customers in intends to serve is called
The advantages that a company's goods and services will provide to their clients are distinctly stated in a value proposition.
What is value proposition?The advantages that a company's goods and services will provide to their clients are distinctly stated in a value proposition.In the marketplace and among a target market or target audience, a well-crafted value proposition will set apart the company and/or its particular product or service.A corporation should use its value proposition statement as an opportunity to explain to customers why the business, its product, or its service is the best one to purchase. In a nutshell, it explains how the business can best satisfy the client's wants or address their issues.This should be accomplished by the value proposition in an accessible, succinct manner that clients will remember.As a result, a value proposition should be viewed as a strategy for attracting customers, retaining their business, positioning the business in the industry, increasing sales, and ultimately gaining a competitive edge.According to a 1988 staff document for the consulting company McKinsey & Co., Michael Lanning and Edward Michaels are credited for coining the term "value proposition." The writers of the essay "A business is a value delivery system" define a value proposition as "a clear, basic statement of the benefits, both tangible and intangible, that the company will provide, coupled with the approximate price it will charge each client segment for those services."To Learn more About value proposition refer To:
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what may leadership style be beneficial in leading this effort to solve the issue of revenue, quality of care, and critical leaders leaving? g
Relationship building and employee motivation are characteristics of transformational leadership.
Leadership is the behaviour of leading and coordinating the activities of a team or group of individuals towards a shared objective. It is also defined as the interaction between the individual(s) who lead and those who choose to follow. Through a shared vision, transformational leaders are often able to inspire loyalty, staff respect, and confidence, which increases productivity, boosts employee morale, and improves job satisfaction . In transactional leadership, the leader takes on the role of a change manager by engaging in conversations with subordinates that boost output. To improve care quality and integration, healthcare staff must be led effectively.
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as of 2015, farms were taxed at 14 percent for income up to $42,000; at 17 percent for income ranging from $42,000 to $80,000; at 32 percent for taxable income $80,000 to $93,000; at 34 percent for income from $93,000 to $208,000, and so on. suppose that you have revenues of $236,200 and operating expense of $63,100. how much tax is paid on the total taxable income?
According to the given information is $267,100,$4,620,$4,320,$81,096,30.36%,36%.
What are an example and income?Income is the money that an individual or group receives in exchange for laboring, providing goods or services, or investing in capital. While most businesses generate money by selling their products or services that cost more costs to produce them, people typically earn money through wages and salaries.
What are your top 3 sources of income?The three fundamental types of income are earned, passive, and portfolio. Salary, gratuities, commissions, and wages are all examples of earned money. Potential passive or undeserved income sources include limited partnerships, rental properties, and royalties. Investment income can come in the form of interest, dividends, or capital gains on assets.
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13. What is a commitment to pay for something in the future, instead of paying for it right away?
A) Debt
B) Investing
C) Fraud
Credit t is a commitment to pay for something in the future, instead of paying for it right away.
What is credit?
In the world of finance, credit may mean many various things, but it's frequently referred to as a contract where the borrower accepts money or anything valuable in exchange for a promise to pay the lender back later, typically with interest.
A person or thing's creditworthiness or credit history can also be referred to as "credit" in this context. According to accountants, it typically refers to an accounting item that changes the balance sheet of a corporation by reducing assets or increasing liabilities and equity.
Credit's core element is a social connection between a creditor (lender) and a borrower (debtor). Debtor consents to pay lender back, frequently with interest, or risk financial or legal ramifications. The practice of granting credit has long been widespread.
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Selena has placed $500 in an account that pays simple interest of 5 percent annually. Selena will have earned $. 00 in interest by the end of the year.
The interest Selena would earn at the end of the year is $25.
Solution:
Simple interest = amount deposited x interest rate x time
$500 x 0.05 = $25
Simple interest is calculated by multiplying the daily interest rate by the principal amount by the number of days until the next payment. Simple interest benefits consumers who pay their loans on time or at the beginning of each month. Auto loans and short-term personal loans are usually simple interest loans.
Simple interest is based on the principal amount of the loan or initial deposit in a savings account. Simple interest earns no interest. This means that the creditor only pays interest on the principal balance and the borrower does not have to pay interest on the previously accumulated interest.
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The interest Selena would earn on the cease of the 12 months is $25. at the top of two years, the balance within the account would be $866.29.
The hobby Selena would earn at the end of the yr is $25.
on the give up of two years, the stability inside the account might be $866.29. The hobby Suki earned is $ 66. 29.
The cash position in the money market account would double in 18 years.
simple interest = amount deposited x interest rate x time
$500 x zero.05 = $25
The components that may be used to determine the stability are:
FV = P (1 + r)^nm
FV = future cost
P = present fee
R = hobby charge
m = number of compounding
N = wide variety of years
$800 ( 1 + 0.04/four)^8 = $866.29
Interest = $866.29 - $800 = $66.29
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a stock had returns of 5, 14, 11, -8, and 6 percent over the past 5 years. the standard deviation for this stock is:
The correct answer is 8.44 percent. Average return = (.05 + .14 + .11 − .08 + .06)/5.
Average return = .056
σ = {[1/(5 − 1)] [(.05 − .056)2 + (.14 − .056)2 + (.11 − .056)2 + (−.08 − .056)2 + (.06 − .056)2]}.5
= 8.44
A standard deviation (or σ) could be a life of however distributed the information is in relevance to the mean. Low variance means that information is clustered around the mean, and high variance indicates information ar a lot detached.
Step 1: Notice the mean.
Step 2: for every datum, notice the sq. of its distance to the mean.
Step 3: Total the values from Step two.
Step 4: Divide by the number of information points.
Standard deviation measures the dispersion of a dataset relative to its mean. It's calculated because of the root of the variance. Variance, in finance, is commonly used as a life of relative peril of plus.
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Henry wants to sell rings at a craft fair for $8 each. The materials for each ring cost $1. 50, and the table rental at the fair costs $91 for the day. How many rings does he need to sell for his revenue to equal his expenses?.
He has to sell 14 rings in order to make enough money to cover his expenses.
How many rings must he sell to make a profit?In order to determine how many rings must be sold for him to break even, we must first determine the profit he makes on each ring sold, from which he may deduct funds to pay for supplies, which would be the selling price less expenses:
8-1.5=6.5
The profit must now be divided by the 91 in supplies:
91/6.5=14
He must thus sell 14 rings in order to cover his costs and replenish his inventory.
For Henry's income to meet his costs, he must sell 14 rings.
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provided a firm does not use an extreme amount of debt, operating leverage typically affects only eps, while financial leverage affects both eps and ebit.
Provided a firm does not use an extreme amount of debt, operating leverage typically affects only eps, while financial leverage affects both eps and ebit.
This statement is False.
Leverage is an investment strategy that uses borrowed money (specifically, the use of various financial instruments or borrowed capital) to increase the potential return on investment. Leverage can also refer to the amount of debt a company uses to fund its assets.
Leverage is the use of borrowed money by an investor or company to increase the return on investment. Companies and individual investors often use leverage to make profits. Leverage is best calculated using the debt-to-equity ratio.
Borrowing money for expansion or investment is called 'leverage'. Because the purpose is to generate more value from the loan than would otherwise be possible.
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a radio station reports that the price of champagne grapes fell by 20% and the price of champagne also fell by 20%. can the market be competitive?
A radio station reports that the price of champagne grapes fell by 20% and the price of champagne also fell by 20% and the market is Competitive.
When Market is Competitive?In response to customer demand for products and services, a competitive market develops. Due to the competition created by this market system, businesses must assess their costs of production, pricing policies, and product output.Perfect competition, as well as competitive markets, aim to factor in both the buyer and the supplier equally and develop strategies based on the market's current supply and demand. We define competitive marketplaces, describe their traits, and explain their functions and distinctions in this article. A market that is totally competitive has many knowledgeable buyers and sellers, no obstacles to entrance, and no potential for monopolies.Among the ten characteristics of a competitive market are profit, diminishing supply, competition, and exclusion.To learn more about market refer to:
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functional currency is a. the currency of the primary economic environment in which the subsidiary operates and generates cash flows. b. the currency of the country where the corporation is incorporated. c. the weighted average of the currencies of all foreign subsidiaries. d. the currency proscribed by the national laws of the subsidiary's country of incorporation.
The correct answer is functional currency is the currency of the primary economic environment in which the subsidiary operates and generates cash flows.
The primary currency in which a business transacts is called a functional currency. The foreign currencies must be converted into the functional currency because businesses deal in a variety of currencies but only report their financial statement in one.
The term "functional currency" describes the primary currency that a company or division of a company uses. It is the primary economic environment's monetary unit of account in which an economic entity functions.
Rules for translating foreign currency transactions and financial statements are provided by International Accounting Standards (IAS) and generally accepted accounting principles (GAAP) in the United States.
The currency of the major economic environment is functional in which the entity works; typically, that is, the currency of the environment in which a company generates and expends most of its revenue."
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n international manager can best develop an understanding of a particular culture by . a. creating a cultural profile for that country or region in which the firm does business b. assuming that his or her own cultural styles and practices can be successfully followed in the host country c. using stereotypes to develop cross-cultural understanding in a business setting d. hiring locals rather than expatriates for management positions in overseas subsidiaries
Constructing a cultural profile for the nation or area where the company operates
Explain about the international manager?The global operations of a corporation are managed by international business managers. All of a company's overseas business is within their purview. global marketing, manufacturing abroad, or global sales.
First-line managers, middle managers, top managers, and team leaders are the four most prevalent categories of managers. These positions vary not only in terms of their daily tasks but also in terms of their overall roles within the company and the kinds of workers they supervise.
Foster communication and teamwork in order to foster relationships and understanding among team members, managers should encourage team members to discuss how their cultural differences relate to their job. Putting out cohesive goals is the following phase.
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on january 1, 2022, woodstock, inc. purchased a machine costing $40,000. woodstock also paid $1,000 for transportation and installation. the expected useful life of the machine is 6 years and the residual value is $5,000. how much is the annual depreciation expense assuming use of the straight-line depreciation method?
a. $6,100.
b. $6,000.
c. $5,950.
d. $5,750.
The annual depreciation expense assuming the use of the straight-line depreciation method is $6,000. Option B.
Calculation:
Annual depreciation under SLM:
= (Asset cost-Salvage value) + Useful life of the asset
= ($40,000+$1,000 - $5,000)/6
= $36,000/6
= $6,000
Residual value, also called residual value, is the estimated value of an item of property, plant, and equipment at the end of the lease term or useful life. In a leasing situation, the lessor uses the residual value as one of the primary ways to determine how much the lessee will pay in regular lease payments. Residual value is one of the components of a lease calculation or transaction.
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explain the difference between a stock dividend and a stock split. as a stockholder, would you prefer to see your company declare a 100% stock dividend or a 2-for-1 split? assume that either action is feasible.
A stock split is a division of issued shares in a ratio determined by the company, while a stock dividend is a dividend paid in the form of extra shares.
What is a stock dividend?Generally, A common stock dividend is a payment made from a company's earnings to holders of common stock.
The distribution is made in the form of stock or cash, much like regular dividends. The amount of the common stock dividend may be regulated by law, especially if it is paid as a cash distribution that is effectively liquidation.
A stock dividend is simply the equitable distribution of a company's own shares of stock to its shareholders on a proportionate basis. '
The term "stock split" refers to the practice of splitting the total number of outstanding shares currently held by shareholders into a number of smaller shares.
The proportion of a stock dividend that is distributed to shareholders is added to the total number of shares.
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the government passed the cares act to address the economic fallout of the covid-19 pandemic. which of these provisions were included in the legislation?
The government passed a bill called the Coronavirus Aid, Relief, and Economic Security (CARES) Act in March 2020 to calm the economic downturn caused by the global coronavirus pandemic
The CARES ActThis decree is divided into seven main areas, which are the following:
Benefits for individuals: This law authorizes direct payments to families of 1,200 dollars per adult and soften mortgage and rent payments, this legislation required a deadline for foreclosures and evictions. Relief for small businesses: the law protected these companies to maintain their payroll and some general expenses during the emergency. The stated goal was to keep workers paid and employed.The plan boosted payments to providers and health care providers by billion through various programs, including Medicare reimbursements, grants, and other direct federal payments.For more about coronavirus here https://brainly.com/question/24294254
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if you lived in a place with no government-funded police force, you would expect community safety to be (click to select) . c. suppose that some neighbors get together and organize a block watch group. what term do economists use to describe someone who lives in the neighborhood but chooses not to volunteer as part of the block watch? economists refer to this person as
If you lived in a place with no government-funded police force, you would expect community safety to be undersupplied.
Free riders use to describe someone who lives in the neighborhood but chooses not to volunteer as part of the block watch.
Compared to the typical accounting practises used by firms, government accounting is far more complicated. In this regard, it's crucial to keep in mind that government accounting is crucial for a variety of reasons.
Since the money that governments get is theoretically the result of public collecting, which makes them responsible for it, governments must be held responsible for it. Governmental accounting and money management are therefore seen as being a very important component of organisations.
The primary source of income for every given government is public monies. Governments set up established accounts in a similar way to any operating corporation in order to accomplish specific goals and objectives.
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if the mpc is 0.50 and the equilibrium gdp is $100 billion below the full-employment gdp, then the size of the recessionary expenditure gap is
Correct answer is $50 billion.
Explanation,
Given,
MPC = 0.50
GDP gap = $100 Billion
Therefore the recessionary hole is given by:
Recessionary Gap=(1−MPC)×GDP Gap=(1−0.50)×100=0.50×100=50
That is the dimension of the recessionary hole is $50 Billion.
A recessionary gap, or contractionary gap, occurs when a country's actual GDP is lower than its GDP at full employment. Recessionary gaps shut when actual wages return to equilibrium, and the extent of labor demanded equals the volume supplied.
What is a recessionary hole example?In 2005, the US financial system had a viable GDP of 66.86 billion, whereas its actual GDP was 17.95 billion. Since the potential GPD is greater than the actual GDP, there is a recessionary gap. In other words, the US economic system operates beneath its full-employment level.
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https://brainly.com/question/14042099#SPJ4profitability ratios are prepared by company employees for internal use only. this statement is:______.
Profitability ratios are prepared by company employees for internal use only. This statement is True.
What is the profitability ratio?
Profitability ratios are a class of financial statistics that assess a company's ability to produce profits in relation to its revenue, operational costs, balance sheet assets, or shareholders' equity over time using information at a single point in time.
How are profitability ratios determined?
Ratios of profitability
Net income minus the average total assets equals return on assets. The return-on-assets ratio shows how profitable a company is in relation to its assets.
Net income minus average shareholder equity is return on equity. This ratio displays the return on shareholder investments for your company.
Profitability ratios are used by who?
Profitability ratios are one crucial statistic that investors, bankers, and business owners use to assess the viability and health of a company as well as the effectiveness of its operations.
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B) Now, let’s try "what if". What if you had medical bills for $10,000 for a minor surgery? What would each of the insurance policies pay if you had not yet paid any deductible? Remember that 20% is your part (coinsurance) so the insurer’s percent is 80% for the first formula. Show how you are getting the answer. Formulas:Insurer’s part of Medical Bill = (Bill – deductible) (80%)Your part of medical bill = Total bill – Insurers part
Note that in the scenario given, all three insurance policies would pay $8,000 toward the medical bill, and the policyholder would be responsible for paying the remaining $2,000.
What is a deductible?The deductible in an insurance policy is the amount paid out of pocket by the policyholder before the insurance company will cover any charges. In general, the term deductible refers to one of many types of clauses used by insurance firms as a payment threshold for policy payments.
The full explanation for the computation is given as follows;
To determine the amount that each insurance policy would pay for a $10,000 medical bill for a minor surgery, we need to use the formulas provided and plug in the appropriate numbers.
For the AAA+ insurance policy, the insurer's part of the bill would be calculated as follows:
Insurer's Part of bill = (Bill - deductible) (80%)
= ($10,000 - $0) (80%)
= $8,000
Your part of the bill would be calculated as:
Your part of bill = Total bill - Insurer's part
= $10,000 - $8,000
= $2,000
For the Health Today insurance policy, the insurer's part of the bill would be calculated as follows:
Insurer's Part of bill = (Bill - deductible) (80%)
= ($10,000 - $0) (80%)
= $8,000
Your part of the bill would be calculated as:
Your part of bill = Total bill - Insurer's part
= $10,000 - $8,000
= $2,000
For the Best Insurance policy, the insurer's part of the bill would be calculated as follows:
Insurer's Part of bill = (Bill - deductible) (80%)
= ($10,000 - $0) (80%)
= $8,000
Your part of the bill would be calculated as:
Your part of the bill = Total bill - Insurer's part
= $10,000 - $8,000
= $2,000
Therefore, in this scenario, all three insurance policies would pay $8,000 toward the medical bill, and the policyholder would be responsible for paying the remaining $2,000.
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Full Question:
B) Now, let’s try “what if”. What if you had medical bills for $10,000 for a minor surgery? What would each of the insurance policies pay if you had not yet paid any deductible? Remember that 20% is your part (coinsurance) so the insurer’s percent is 80% for the first formula. Show how you are getting the answer.
Formulas:
Insurer’s part of Medical Bill = (Bill – deductible) (80%)
Your part of medical bill = Total bill – Insurers part
• AAA+
Insurer’s Part of bill =
Your part of bill =
• Health Today
Insurer’s Part of bill =
Your part of bill =
• Best Insurance
Insurer’s Part of bill =
Your part of bill =